American Express’s Platinum Card has announced its biggest update. The annual fee increased from $695 to $895. New glossy mirror finish options. And it’s well over $1,000 with new giveaways.
One of the world’s most iconic wallet buddies, Amex Platinum has long been synonymous with financial success, airport lounges, and luxury travel. First launched in 1984 with an annual fee of $250 (valued to $777 based on average inflation), this distinctive card has been a global status symbol for many years, transforming it into a sophisticated, heavy metal card that is increasingly costly with each new evolution.
Originally, it was achieved through invitations alone, but the Amex Platinum became widely available to the public from the 2000s to the early 2010s. The card’s main demographic included business travelers as well as travel enthusiasts who could afford the annual fee, which rose to $450 in 2007.
The price of that sticker has jumped more rapidly in recent years. The annual fee of $450 per year increased to $550 in 2017 and to $695 in 2021. As of September 18, 2025, it now costs $895 a year, categorizing it at $2.45 a day.
That upward pricing trend will likely continue. At the Goldman Sachs Conference in 2022, AMEX Chairman and CEO Stephen Squeri said, “In Mexico, we charge $1,000 for a platinum card. The reality is that (the fee) is higher enough to get us to go.”
“Coupon Book” special offer
The latest evolution of Amex Platinum includes over $3,500 in its annual statement credit. But there’s a catch to using all these benefits. Many of these credits are dolled out monthly, quarterly, or six months increments, rather than being available for a year each year.
“There’s been a recurring joke that the Amex Platinum Card is an expensive ‘coupon book’, and the latest changes are further evidence of that,” said Ariana Arghandewal, a loyalty and compensation expert who shares industry insights on Pointchaser.
The “coupon book” model mentioned by Arghandewal requires the cardholder to make consistent payments with the card and activate time-sensitive credits.
The $895 Amex Platinum offers plenty of newly expanded annual credits for cardholders. New benefits include up to $400 at Resy Dining and up to $300 for Lululemon purchases. And up to $200 for the purchase of eligible wellrings. Select Hotel Stay credits booked through Amex increased from $200 to $600. Cardholders can also access up to $300 on streaming subscriptions such as YouTube Premium and Disney+ compared to their previous $240. Existing annual benefits include a clear membership of $209 per year (quick airport security screening services). Up to $155 for Walmart+ Membership (the Amazon Prime retailer version). $200 for Uber Cash.
However, Amex Platinum only earns additional rewards on certain flights and hotel purchases, so these purchases won’t earn more than $1 Amex Points per dollar. As you earn rewards, this will make Amex Platinum less valuable than typical cashback cards with no annual fees, like Capital One Quicksilver and Wells Fargo Active Cash Cards.
That being said, Amex Platinum firmly cements its position as a lifestyle card rather than a pure travel reward card, so its revenue may not be important to cardholders who place great value on the card’s fame and status.
Do I need to get (or keep) a new Amex Platinum card?
Each Amex Platinum fee will increase the number of questions about people whose cards are designed to truly serve, and the latest jumps can ultimately reach levels that are unacceptable for many travelers.
The Amex Platinum is difficult to justify as a reward-earning card unless your biggest purchase is a flight and hotel via Amex. On the back, rare travelers who previously avoided platinum cards can jump to take advantage of its numerous lifestyle benefits, including Equinox monthly statement credits and Lululemon quarterly credits.
Jasmin Baron, credit card expert and senior SEO editor at Cardcritics, plans to maintain his current Amex Platinum despite an annual fee hike.
“I’ve already used Resy, Lululemon, and Uber One, so these new credits are more than offsetting the higher annual fees,” Baron said. Baron found the Peninsula Hotel in Manila for just $200 before tax by travelling through the Amex Fine Hotels + Resorts Portal.
However, not all of the benefits of the new card will receive the Baron’s approval. “Wella’s credits really don’t move the needle for me,” she said, noting that annual credits only apply to purchasing new devices. It does not apply to required monthly subscriptions. This is much more convenient for most members. Similarly, Perk Baron is not elite status with the major Hotels of the World Group, particularly for Amex to impose cardholders to book Hotels through Amex Travel, seeking exclusive upgrades and perks.
Future travel credit cards
Despite consumer pushbacks, experts hope that the trend for high-priced lifestyle credit cards will continue.
“Coupon book style credits stay here,” Baron said. “They reward travelers willing to put in effort.” However, she points out that coupon book credits are overly confused for casual users, as regular purchases are required on the publisher’s timetable.
Instead, Baron would prefer that the more incredible travel credit cards offer more accessible perks and perks, such as lounge access for rare travelers and automatic credits for eligible purchases. (Small entry-level credit cards, such as United Explorer Cards and US Bank Advanced Connect, offer airport lounge day passes each year, while Premium Chase Sapphire Reserve automatically credits eligible purchases.)
Carissa Rawson, director of travel and marketing at Rove Miles, reflects Baron’s perspective.
“If you’re using the Amex Platinum and Chase Sapphire Reserve for Max, that’s great,” says Rawson. Rawson places emphasis on the $600 annual Amex Travel Hotel credit, so it plans to maintain its Amex Platinum card despite the rate hike. “However, if you can’t take advantage of the benefits offered by Amex Plat, it doesn’t make sense to continue paying, especially as annual fees are increasing.”
Meanwhile, Arghandewal plans to downgrade its Amex Platinum card once the annual fee increases are paid.
“Card changes do not align with spending habits or travel goals,” says Arghandewal. “We appreciate credit cards that offer incentives beyond points, including additional free nights and the ability to earn credits towards elite status. We also prefer cards with fewer annual credits so we don’t have to track them down.
Amex Platinum Alternatives for Travelers
Amex Platinum’s biggest competitor, Chase Sapphire Reserve, won an annual fee of $795 this summer from $550, easily covering Amex Platinum as the most expensive mainstream travel reward credit card. The 1-2 punch on both premium cards increased their annual fees in a row, forcing many travelers to reconsider their credit card strategies, even if they could justify the costs.
One of the best solutions is to focus on more affordable travel credit cards. Those who don’t need Airport Lounge access can save a lot of money by switching to Midtier Travel Cards like Chase Sapphire Preferred and Capital One Venture Rewards cards. Both cards have travel insurance, along with annual credits for hotel stays, as well as travel insurance, such as luggage exchange funds of less than $100 a year with annual fees.
For Amex Loyalists who want to downgrade their Amex Platinum cards, there are two fascinating options to keeping their points. Foodies can make a lot of money with the American Express Gold Card. This earns 4 points per dollar on groceries and restaurants in exchange for a fee of $325 a year. Meanwhile, commuters can earn rewards for future travel by using the $150 American Express Green Card per year, which costs $150 for daily expenses. He earns 3 points per dollar on food, travel, and most forms of transit.
If Airport Lounge Access is a must-have item, Rawson recommends the Capital One Venture X, which is much more affordable, with an annual fee of $395. Instead, Venture X cardholders will earn the same priority pass membership as Amex Platinum and Chase Sapphire Reserve and access Capital One Lounges.
Finally, travelers who want to leave their credit card hamster wheels completely can benefit from alternative reward platforms such as Rove Miles, where members pay for flights, hotels, and shopping to make several miles. No credit card is required. These miles can be transferred to dozens of airlines and hotel partners, as well as credit cards rewards.
With annual fees rising to around $900, the Amex Platinum is no longer a card that most travelers can keep up with autopilots. Instead, the cardholder must decide whether to use sufficient profits to justify the costs.
As Elgie Holstein, associate director of Washington-based consumer education group, said New York Times In 1986, about the story of the “new” Amex Platinum, “The average consumer doesn’t need this kind of card. They pay for the full range of unnecessary frills.” Almost 40 years later, that advice may still apply.
